Leaders from the fintech industry gathered in Parliament last night to discuss the challenges and opportunities of the increased use of Artificial Intelligence (AI) in businesses across the UK.

Speaking at the Parliament Street think tank’s Artificial Intelligence Summit on Monday night, hosted by Dean Russell MP for Watford and chaired by Steven George-Hilley of Centropy PR, 70 industry experts discussed how AI should be regulated and deployed to empower economic growth.

Fintech expert and AI industry veteran Bob Booth, Head of Strategy Enablement at Basware said: “AI presents a huge opportunity to unlock growth by liberating businesses from complex, admin-heavy tasks and rapidly accelerating digital transformations.”

“For those organisations that get AI right, the impact that this technology will have on critical functions like sales and finance will be seismic, freeing up time, reducing overheads and allowing talent to thrive in a new world of work,” added Booth.

Scott Lewis, SVP, Ataccama, said, “AI is already helping organisations to overcome challenges in business-critical areas such as data quality, governance and strategy, and operational excellence. With the introduction of Generative AI into the latest technologies, businesses are able to automate and accelerate processes in order to derive real value from customer data while adhering to the highest standards of regulatory compliance and privacy rules.”

Niamh Kingsley, Director, Head of Artificial Intelligence, Delta Capita said: “Artificial intelligence (AI) is truly a game-changing technology, which will have deep ramifications for businesses and wider society. In the finance industry, we are seeing a real push to invest in innovative technologies to create a competitive and sustainable future. Whilst the use of AI is not novel, widespread uptake for the purposes of improved ways-of-working and customer experience, is on the increase.”

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Industry leaders debate AI impact in Parliament